U.S. GAAP Financial Reporting Taxonomy now available

The FASB (Financial Accounting Standards Board) announced the availability of the 2014 U.S. GAAP Financial Reporting Taxonomy pending final acceptance by the U.S. SEC.

The FASB is responsible for the ongoing development and maintenance of the taxonomy applicable to public issuers registered with the SEC. The 2014 taxonomy contains updates for accounting standards and other improvements to the 2013 taxonomy currently being used by SEC© issuers. Some of the proposed improvements include: allowing users of the taxonomy to provide feedback on the updates and to provide SEC© filers, service providers, software vendors, and other interested parties the opportunity to become familiar with and incorporate new elements names for their filings.

The U.S. GAAP 2014 taxonomy is available here.

Do you believe that the proposed improvements of allowing user feedback will ultimately improve the quality of XBRL filings in the near future?